Full text of Economic Indicators : February 1958
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85th Congress, 2nd Session
Economic Indicators
FEBRUARY
1958
Prepared for the Joint Economic Committee by the
Council of Economic Advisers
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON : 1958
JOINT ECONOMIC COMMITTEE
(Created punuant to Sec. 5 (a) of Public Law 304, 79th Cong.)
WRIGHT PATMAN, Tezai, Chairman
JOHN SPARKMAN, Alabama, Vies Chairman
RICHARD BOLLING {Missouri)
HALE BOGGS (Louisiana)
HENRY S. REUSS (Wisconsin)
HENRY O. TALLE (Iowa)
THOMAS B. CURTIS (Missouri)
CLARENCE E. KILBURN (New York)
PAUL H. DOUGLAS (Illinois)
J. WILLIAM FULBRIGHT (Arkansas)
JOSEPH C. O'MAHONEY (Wyoming)
RALPH E. FLANDERS (Vermont)
ARTHUR V. WATKINS (Utah)
BARRY GOLDWATER (Arizona)
JOHN W. LEHMAN, Acting Executive Director
COUNCIL OF ECONOMIC ADVISERS
RAYMOND J. SAULNER, Ckairmm
JOSEPH S. DAVE
PAUL W. McCRACKEN
[PUBLIC LAW 120—81sT CONGRESS; CHAPTER 237—IST SESSION]
JOINT RESOLUTION [S. I. Res. 55]
To print the monthly publication entitled "Economic Indicators"
Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That the Joint
conomic Committee be authorized to issue a monthly publication entitled "Economic Indicators," and that a
ifficient quantity be printed to furnish one copy to each Member of Congress; the Secretary and the Sergeant
: Arms of the Senate; the Clerk, Sergeant at Arms, and Doorkeeper of the House of Representatives; two copies
i the libraries of the Senate and House, and the Congressional Library; seven hundred copies to the Joint
conomic Committee; and the required number of copies to the Superintendent of Documents for distribution
i depository libraries; and that the Superintendent of Documents be authorized to have copies printed for sale to
ic public.
Approved June 23, 1949.
Charts drawn by Graphics Unit, Office of the Secretary, Department of Commerce
Contents
TOTAL OUTPUT, INCOME, AND SPENDING
Page
The Nation's Income, Expenditure, and Saving
Gross National Product or Expenditure
National Income
Sources of Personal Income
Disposition of Personal Income
Per Capita Disposable Income
Farm Income
Corporate Profits
Gross Private Domestic Investment
Expenditures for New Plant and Equipment
1
2
3
4
5
6
7
8
9
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
Status of the Labor Force
Nonagricultural Employment
Average Weekly Hours—Selected Industries
Average Hourly Earnings—Selected Industries
Average Weekly Earnings—Selected Industries
11
12
13
14
15
PRODUCTION AND BUSINESS ACTIVITY
Industrial Production
Production of Selected Manufactures
Weekly Indicators of Production
New Construction
Housing Starts and Applications for Financing
Sales and Inventories—Manufacturing and Trade
Merchandise Exports and Imports
,
16
17
18
19
20
21
22
PRICES
Consumer Prices
Wholesale Prices
Prices Received and Paid by Farmers
23
24
25
CURRENCY, CREDIT, AND SECURITY MARKETS
Currency and Deposits
Bank Loans, Investments, and Reserves
Consumer Credit
Bond Yields and Interest Rates
Stock Prices:
26
27
28
29
30
FEDERAL FINANCE
Budget Receipts and Expenditures
Cash Receipts from and Payments to the Public
31
32
iii
TOTAL OUTPUT, INCOME, AND SPENDING
THE NATION'S INCOME, EXPENDITURE, AND SAVING
Total income and expenditures showed a drop in over-oil economic activity between the third and fourth quarters of
1957, according to revised estimates.
[Billions of dollars]
1957
1956,
Fourth quarter
Economic group
Year ]
Third quarter
Excess
of receipts
ExExExExReReRe-Receipts pendexex- ceipts pendor ex- ceipts pendor ex- ceipts penditures or
itures
itures or
itures
pendpendpendpenditures
itures
itures
itures
Excess
of receipts
Excess
of receipts
Excess
of receipts
Seasonally adjusted
annual rates
Consumers:
Disposable personal income 294. 0
Personal consumption expenditures
272. 3
Personal net saving (+) -
Seasonally adjusted annual rates
303. 3
300 6
20. 2
68. 5
Excess of receipts (+)
or of investment (— )„
66 5
-2.4
87.5
61. 3
— 22. 2
— 18. 2
2. 0
3 2
3 2
Government (Federal, State, and
local) :
Tax and nontax receipts or
112. 7
accruals
_ ._ .
Less : Transfers, interest, and
subsidies (net) _ _ _ _
25. 2
43. 1
— 20 9
2. 4
19. 8
.19. 7
64 4
—25. 6
International:
Net foreign investment
282. 4
44.3
43. 5
Excess of investment
302. 1
283 fi
280 4
21. 7
Business:
Gross retained earnings.. .. 42.9
Gross private domestic investment
_
Net receipts
Fourth quarter '
-2.0
-3. 2
-3. 2
115 1
116. 6
113 8
27 2
27 7
28 7
87.9
88.9
85. 1
Total government expenditures
Less: Transfers, interest,
and subsidies (net)
108.0
113.6
114.4
115.7
25.2
27.2
27.7
28. 7
Purchases of goods and
services
82.8
86.4
86.7
87.0
Surplus (+) or deficit (— ) on income and product account
Statistical discrepancy -
4. 7
1. 6
GROSS NATIONAL PRODUCT 426. 0 426.0
1. 6
2.4
434. 4 434.4
2.4
— 1.9
2. 2
1 5
3.4
440.0 440.0
3.4
2. 1
2. 1
432.6 432. 6
' Preliminary estimates.
NOTE.—For explanation and use of this arrangement, see Senate Report No. 1295, Joint Economic Report, pp. 92-93 99-106, and Economic Report 0} the Prttitent,
January 1853, Appendii A.
......
. rr
Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and OoundJ of Economic Advisers.
The gross national product fell $7.4 billion (seasonally adjusted annual rate) between the third and fourth quarters of
1957, according to revised estimates. The largest decline was in gross private domestic investment.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
400
40 0
300
300
200
200
GOVERNMENT PURCHASES
OF GOODS AND SERVICES
I OO
100
1957
1951
COUNCIl OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollarsJ
Total
Personal Grose
gross
Total
conNet
national
sump- private foreign
gross
domestic
product national
tion
investin 1957 product expend- investment
ment
prices
itures
Period
939...
948
949
951
952
953
J54
955
)56
)57
...
203.5
314.0
313.3
367. 6
381. 1
397. 0
389.7
417.4
430.3
434.4
91.1
257.3
257.3
328.2
345.4
363.2
361. 2
391.7
414.7
434. 4
67.6
177.6
180. 6
2oas
218.3
230.5
236: 6
254.4
267.2
280.4
9.3
41.2
3Z6
56.9
49.8
50.3
48.4
60.6
65.9
64. 4
0.9
2.0
.6
.2
—.2
-2.0
-.4
-.4
1.4
3.2
Government purchases of goods and services
Federal
State
and
Total'
National
Total » security1 Other
local
13.3
36.6
43.6
62. 8
77.5
84.4
76.6
77. 1
80.2
86. 4
5.2
21.0
26.4
41.0
54.3
59.6
48.9
46.8
47.2
50.4
1.3
16.0
19.3
37.3
48.8
51.5
43.1
41.3
42.4
45.7
3.9
6.6
4.2
5.8
8.4
6.2
5.9
5.2
5.2
8.2
15.6
18.2
21; 8
23.2
249
27.7
30.3
33.0
36.0
4,9
5.1
5.2
5.2
5.2
5.0
33.3
33.9
35.3
35.8
36.1
37.3
ae
Seasonally adjusted annual rates
)56: Third quarter
Fourth quarter . . :
157: First quarter
Second quarter
Third quarter
Fourth quarter
1
416.7
426.0
429.9
435.5
440.0
432.6
268. 6
272.3
276.7
278.9
283. 6
282.4
65.5
68.5
63. 6
66.2
66.5
61.3
2.0
2.4
4.1
3.5
3.2
2.0
80.6
82.8
85.6
86.9
86.7
87.0
Less Government sales.
tie United States Government/n the Fit cat Year Ending June SO, 1619, and shown on p. 31 ol Economic indicators.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
47.3
49.0
50.3
51. 1
50.6
49.7
42.7
44.2
45.5
46.3
45.8
45.0
NATIONAL INCOME
Compensation of employees was $1.7 billion (seasonally adjusted annual rate) lower in the fourth quarter than in
the third quarter of 1957.
BILLIONS OF DOLLARS
40OI
BILLIONS OF DOLLARS
14OO
SEASONALLY ADJUSTED ANNUAL RATES
TOTAL NATIONAL
INCOME
3OO
COMPENSATION
OF EMPLOYEES*
ZOO
too
PROPRIETORS'AND
x RENTAL INCOME
CORPORATE PROFITS AND
INVENTORY VALUATION ADJUSTMENT
I95I
1=
1952
NET INTEREST -
T"
1953
1955
1954
1956
I957
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF COMMERCE.
[Billions of dollars]
Total
national
income
Period
1939
1948
1949
1951
1952
1953
1954
1955
1956
1957
_
- ..
_.
. . _ . --
1956: Third quarter
Fourth quarter
1957: First quarter
Second quarter
Third quarter
Fourth Quarter
„
Compensation
of employees'
Proprietors' income
Net
interest
Corporate profits and inventory valuation adjustment
Total
72.8
221.6
216.2
277.0
290.2
302. 1
299.0
324.1
343.6
2
358. 0
48. 1
140.9
140.9
180.4
195. 1
208. 1
206. S
223. 1
241. 4
254.4
43
2.7
7.3
16.7
7.2
21.6
12.7
21.4
7.9
16.0
9.1
24.8
15. 1
9.9
25.7
25.9
10.2
13.3
12.7
10.6
25.9
10. 2
11.9
27.3
11.6
10.3
28.0
12. 1
10.4
28.7
Seasonally adjusted annual
4.6
4.5
5.2
6.8
7.4
8.7
9.8
10. 9
11.9
12.8
rates
5.7
30.6
28.1
39.9
36.9
36.0
33.1
40.7
40.4
2
39. 5
344.5
353.3
355.6
358.5
362.6
242.7
247.9
251. 1
254.0
257.0
255.3
11.5
12.0
12.0
12. 1
12.2
12. 2
28.2
28.3
28.4
28.7
29. 1
28. 6
12.0
12.3
12.5
12. 7
13.0
13. 3
39.8
42.4
41.2
40.7
40.9
m
i Includes employer contributions tor social insurance. (See also p. 4.)
' Not available.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (except as noted).
Business
and professional
Farm
Rental
income
of
persons
1
10.4
10.4
10.4
10.4
10. 4
10. 4
JS)
Profits Inventory
before valuation
taxes : adjustment
6.4
a7
2 2
32.8
26.?
1.9
41.2
— 1.3
35.9
1.0
37.0
— 1.0
33.5
-.3
42. 5
-1.7
43.0
-2.6
2
2
41. 0
-1.5
40.8
45.6
43.9
42.0
41.8
m
-1.0
-3.2
-2.7
— 1.3
-.9
m
Preliminary estimates by Council of Economic Advisers; rounded to nearest half
billion dollars.
SOURCES OF PERSONAL INCOME
A continued drop in labor income (seasonally adjusted), a continued rise in transfer payments, and a return of
dividend payments to about the November level were the significant changes in personal income in January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
350
TOTAL PERSONAL INCOME-*.
250
'LABOR INCOME
200
150
50
TRANSFER PAYMENTS
FARM PROPRIETORS'
INCOME
BUSINESS. PROFESSIONAL, AND RENTAL INCOMEDIVIDENDS AND PERSONAL INTEREST'—*^ I
'
f
7
I I I I I I I I I II
1952
1953
(954
1955
SOURCE: DEPARTMENT OF COMMERCE
1957
1958
COUNCIl OF ECONOMIC ADVISERS
[Billions of dollars]
Labor income Proprietors' income
Less: Per(wage and
Rental
sonal con- NonagriTotal
Personal
Transfer
salary disincome Divi- interest
tributions cultural
Period
personal bursements
payBusiness
of
dends income ments
for social personal
income and other
Farm
and pro- persons
insurincome*
1
fessional
labor income)
ance
1939
72.9
46.6
0.6
67.1
4.3
2.7
3.8
5.8
3. 0
7.3
1949
206.8
137.4
12.7
2.2
190.8
21.4
12.4
7.9
7.5
9.8
1951
175.6
3.4
235. 7
255.3
16.0
9. 1
12.6
9. 1
11.6
24.8
1952
271.8
190.3
15. 1
13.2
3.8
253.1
25.7
9.9
9.0
12.3
1953
„_ 286.0
203.4
269.2
13.3
10.2
143
3.9
25.9
9.3
13.7
1954
287.4
12.7
4.6
271.3
201. 7
10.6
16.2
9.9
15. 0
25.9
1955
5.2
305.9
217.3
10.2
290.6
11.9
17.4
27.3
11.0
16.1
1956.-.
326.9
311.7
234.8
11.6
5.7
10.3
11.9
17.6
18.5
28.0
1957".
343.4
246.7
12. 1
6.8
327.5
10.4
12. 1
28.7
18.8
21. 2
Seasonally adjusted annual rates
1957': January
320.7
242. 2
6.7
19.5
10.4
336.3
18.4
11.9
12.3
28.3
February
6.7
322.7
19.7
10.4
243.7
338. 5
18.4
12.4
12.1
28.5
March
324.5
20.0
6.8
10.4
245.0
12.2
340.2
18.5
12.4
28.6
April
6.7
12.1
341.1
244.9
325.3
10.4
20.8
12.5
18.6
28.6
May
246.1
21.6
6.8
327.5
10.4
343.2
12.5
18.6
12.0
28.7
June
329.3
345.1
6.8
21.5
10.4
248. 0
18.7
12.0
12.5
28.8
July
6.9
330.5
12.1
21. 3
346.3
10.4
18.9
29. 1
248.8
12.5
August
331. 3
6.9
347.3
21. 2
12.2
29. 1
10.4
249.7
12.6
19.0
September
331.3
6.8
347.2
21. 2
10.4
249.5
12.2
19. 1
12.5
29.0
October
6.8
331.0
10.4
12.2
19.2
22. 1
248.1
346.8
29. 1
12.5
November _ - 346.2
330.3
6.8
22.6
10.4
247.5
12.2
12.4
28. 6
19.3
December
6.8
327.6
23.0
10.4
12.2
246.8
10.2
343.6
19.5
28.3
958: January 4 ._- 343.6
327. 7
23.3
10.4
12.1
6.8
12.2
19.5
244.6
28.3
1
Compensation of employees (see p. 3) excluding employer contributions
ir social insurance and the excess of wage accruals over disbursements.
NOTE.—Detail will not necessarily add to total because of rounding.
Source: Department of Commerce.
* Personal income exclusive of net income of unincorporated farm enterprises, farm
wages, agricultural net interest, and net dividends paid by agricultural corporations.
s Total personal income and farm proprietors' income have been revised beginning
with January 1957.
* Preliminary estimates; not charted.
DISPOSITION OF PERSONAL INCOME
Disposable personal income fell $1.2 billion (seasonally adjusted annual rate) between the third and fourth quarters
of 1957. Consumer expenditures declined by a like amount. The saving rate again was about 6% percent.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
3 OO
300
DISPOSABLE PERSONAL INCOME —~»
£50
200
ZOO
1.5 0
I 00
1957
1951
SOURCE: DEPARTMENT OF COMMERCE
Period
COUNCIL OF ECONOMIC ADVISERS
Equals:
Less: DisposPersonal Personal
able
income taxes' personal
income
1939
1948
1949
1961
1952
1953 _
1954
1955
1956
1957. ._
72.9
208.7
206.8
255. 3
271.8
286.0
287.4
305.9
326. 9
343.4
1956' Third quarter
Fourth quarter
1957' First quarter
Second quarter
Third quarter..
Fourth quarter
328.7
334.5
338.3
343.2
346. 9
345. 5
2.4
21.1
18.7
29.3
344
35.8
33. 0
35.8
39.7
42. 8
Billions
39.8
40. 5
42.2
42.9
43.6
43.4
< Includes such items as flues, penalties, and donations.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce.
21609—58
2
Less: Personal consumption
expenditures
Saving
Equals: as percent
Personal
of disNonsaving
posable
Durable
Total
Services
income
goods durable
goods
Billions of dollars
67.6
6.7
35.1
70.4
25.8
22.2
177.6
98.7
187.6
56.7
23.6
96.9
188.2
180.6
60.1
111. 1
226.1 208.3
27.1
70.1
26.6
116. 1
75.6
237.4
218.3
29.8
250.2
230.5
119. 1
81.7
254. 5 236.6
29. 4
120. 6
86.6
35. 6
126.0
92. 8
270. 2 254. 4
267.2
33.9
133.3
287.2
99.9
280.4
35. 1
139.9
300.6
105.4
of dollars, seasonally adjusted annual rates
134.4
33.0
101. 1
268.6
288.8
135.3
34.8
102. 2
272.3
294.0
137.3
103.4
296. 1
276.7
35.9
35.0
139. 1
104.9
278.9
300. 4
142. 5
35.0
106. 1
303.3
283. 6
HO. 8
107.2
302. 1
34. 4
282. 4
2.9
10.0
7.6
17.7
19.0
19.7
17.9
15.8
20.0
20.2
4. 1
5.3
4.0
7.8
8.0
7.9
7.0
5.8
7.0
6.7
20.3
21.7
19.5
21. 4
19.7
19.8
7.0
7.4
6.6
7. 1
6.5
6.6
ER CAPITA DISPOSABLE INCOME
st capita disposable income, measured in current or constant prices, dropped from the third to the fourth quarter of
DOLLARS
DOLLARS
— 2,000
2,000 —
SEASONALLY ADJUSTED ANNUAL RATES
1957 PRICES1'
CURRENT PRICES
1,500
1,500
1,000
1,000
1951
1952
1953
1955
1954
Total disposable personal
income (billions of dollars)1
Period
Current
prices
139
)48
»49 .
151
(52
153
154—
155.
156
157
. _
- ...
-
1957
prices '
70. 4
187.6
188.2
226.1
237.4
250. 2
254, 5
270.2
287.2
300.6
142.6
219.4
222. 1
244. 9
251. 5
262.9
266.5
283.5
297.0
300.6
1957
1956
-"SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF COMMERCE , DEPARTMENT OF LABOR , AND COUNCIL OF ECONOMIC ADVISERS.
COUNCIl OF ECONOMIC ADV1SE8S
Per capita disposable personal income (dollars)1
Current
prices
538
1,279
1,261
1,465
1,512
1,568
1,567
1,635
1, 708
1,756
1957
prices »
Population
(thousands) '
1,089
1,496
1,489
1,587
1,602
1,647
1,641
1,716
1,766
1,756
131, 028
146, 631
149, 188
154, 360
157, 028
159, 636
162, 417
165, 270
168, 174
171, 229
1,761
1, 770
1, 763
1,765
1,755
1,735
168, 594
169, 416
170, 158
170, 859
171, 650
172, 440
Seasonally adjusted annual rates
156: Third quarter
Fourth quarter.
157: First quarter
Second quarter
Third quarter
Fourth quarter
288.8
294.0
296. 1
300.4
303. 3
302. 1
296. 8
300.0
300.0
301.6
301.2
299. 1
1,713
1, 735
1,740
1, 758
1,767
1,752
a' Income less taxes.
Dollar estimates in current prices divided by consumer price index on a 1957 base.
»Includes armed forces overseas. Annual data as of July 1; quarterly data centered in the middle of the period, interpolated from monthly figures.
Sources: Department of Commerce, Department of Labor, and Council of Economic Advisers.
FARM INCOME
Revised estimates of net farm income indicate a $}£ billion increase in 1957 over 1956 if net change in inventories is
included; excluding net change in inventories, there was a decline of about the same amount.
BILLIONS Of DOLLARS
BILLIONS OF DOLLARS
SEASONALLY ADJUSTED ANNUAL RATES
REALIZED GROSS
FARM INCOME-"
eo
NET FARM INCOME
(INCL. NET CHANGE
IN INVENTORIES)^
S...
1952
1951
y
1953
1954
•^INCOME OF FARM OPERATORS FROM FARMING.
SOURCE: DEPARTMENT OF A6RICULTURE.
Realized
gross farm
income '
Period
1953
1954
1955
1956
1957
10.6
34.6
31.6
37. 1
36.7
35.1
33.7
33.2
34.4
34.4
1956: Third quarter
Fourth quarter
1957" First quarter
Second quarter
Third quarter _
Fourth quarter
34. 4
35.2
34.5
34.4
34.3
34.5
1939
1948
1949
1951..
1952
-. —
.1956
1957.
COUNCIl OF ECONOMIC ADVISERS
Farm operators' income
Net income per farm
Net income a
including net change in
Including
Excluding
Farm proinventories
duction
net change net change
1957
in invenin invenCurrent
expenses
prices *
prices
tories
tories *
Dollars
Billions of dollars
1,660
6.2
697
4.5
4. 4
3,465
3,049
15.9
18.6
17.7
2, 645
12.9
2,248
13.7
17.9
3,097
2,911
16. 1
22.3
14.8
2,936
22.5
2,789
14.3
15. 1
2,659
21. 2
13.3
2,499
13.9
2,541
12.7
2,439
21.5
12.2
2,454
11.9
21.6
2,331
11.6
2,409
11.6
22.3
12.1
2, 337
2,490
22.9
12.1
2,490
11.5
Seasonally adjusted annual rates
2,370
22. 3
2,320
12. 1
11.5
2,470
22.6
2,420
12.6
12.0
2,490
12.0
2,470
22.8
11.7
2,490
23.0
12.1
2,490
11.4
2,510
12.2
2,510
22.8
11.5
2, 490
12. 2
2, 510
23.0
11.5
1
Cash receipts from farm marketings, value of farm products consumed in
farm households, gross rental value of farm dwellings, and Government payments
to farmers.
1
Realized gross farm income less farm production expenses. Excludes farm
wages paid to workers living on farms and any income to farm people from nonfarm sources, which in 1957 amounted to $1.8 billion and $6.3 billion, respectively.
i Data prior to 1952 differ from farm proprietors' income on pages 3 and 4
Source: Department of Agriculture (except as noted).
1955
Number of
farms
(millions) *
6.4
5.8
5.7
5.5
5.4
5.3
5.2
5.1
S. 0
4.9
5.0
5.0
4.9
4.9
4. 9
4.9
because of revisions by the Department of Agriculture not yet incorporated into
the national income accounts of the Department of Commerce.
' Dollar estimates in current prices divided by the index of prices paid by
farmers for items used in family living on a 1957 base.
• The number of farms is held constant within a given year.
JORPORATE PROFITS
.orporate profits in the third quarter of 1957 were slightly lower than profits in the second quarter; profits before
axes were $1.0 billion (seasonally adjusted annual rate) higher and profits after taxes $0.5 billion higher than in
IB third quarter of 1956.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
10
1957
•"NO ALLOWANCE FOR INVENTORY VALUATION ADJUSTMENT.
COUNCIl Of ECONOMIC ADVKMS-
SOURCE: DEPARTMENT OF COMMERCE
[Billions of dollars]
Corporate
profits
before taxes
Period
1939
1948
1949
1951
1952
1953...
1954
1955
1956
1957..
6.4
32.8
26.2
41.2
35.9
37.0
33.5
42.5
43.0
»41. 0
..„•-.
Corporate
tax
liability
1.4
12.5
10.4
22.5
19.8
20.3
17.4
21.5
22. 0
'21.0
Corporate profits after taxes
Total
5.0
20.3
15.8
18. 7
16. 1
16.7
16.0
21.0
21.0
"20.0
Dividend
payments
Undistributed
profits
1.2
13.0
8.3
9.6
7.1
7.4
6. 1
9.9
9.2
"8.0
3.8
7.2
7.5
9.1
9.0
9.3
9.9
11.0
11.9
12.1
Seasonally adjusted annual rates
1956: Third quarter
Fourth quarter
1957: First quarter
Second quarter
Third quarter
Fourth quarter
._
.__
40.8
45.6
43.9
42.0
41.8
o
(2)
20.8
23.3
22.4
21.4
21.3
(2)
19. 9
22.3
21. 5
20.5
20.4
' Preliminary estimates by Council of Economic Advisers; rounded to the nearest half billion dollars.
» Not available.
NOTZ.—See p. 3 for profits before taies and after inventory valuation adjustment.
Detail will not necessarily add to totals because of rounding.
Source: Department of Commerce (eicept as noted).
12.1
11.5
12.4
12.5
12.6
11.7
(2)
7.8
10.8
9. 1
8.0
7.8
GROSS PRIVATE DOMEBT1U
Gross private domestic investment fell $5.2 billion (seasonally adjusted annual rate) in the fourth quarter of 1957.
The reduction in inventories accounted for most of the decline.
BILLIONS OF DOLLARS
.
V
CHANGE IN BUSINESS
INVENTORIES
BILLIONS OF DOLLARS
7O
\
*
-10
1951
SOURCE: DEPARTMENT OF COMMERCE:
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
.Total
gross
private
domestic
investment
Period
1939.1948
1949
1951.1952__
1953.
1954
1955
1956__
1957—,
--
-.
-
.
.... _
.
^_
_
..
._-
9.3
41.2
32.5
56.9
49.8
50.3
48.4
60.6
65.9
64.4
Change in business
inventories
Fixed investment
New construction »
Total
8.9
37.0
35.3
46.5
46.8
50. 1
50,3
66,4
61.4
63,6
Total
4.8
17.9
17.5
23.3
23.7
25.8
27-8
32.7
3&3
33.2
Kesidential
nonfarm
2.7
8.6
8-3
11.0
11.1
11,9
13.5
16.6
15.3
14. 2
Other
Producers'
durable
equipment
2.1
9.3
9.2
12.4
12.6
13.8
14.3
16.1
mo
19.0
Total
Nonfarm
4.2
19.1
17.8
23.2
23.1
243
22.5
23.7
28.1
30.4
0.4
4.2
2 7
10.4
3.0
,3
— 1.9
4.2
46
.8
0.3
3.0
~1.9
9.0
2.1
.9
— 2. 4
40
5.0
,2
Seasonally adjusted annual rates
1956: Third quarter
Fourth'quarter
1957: First Quarter
Second quarter. „
Third quarter _ _ _
Fourth quarter
„
65.5
68.5
62.2
63.3
33.2
33.4
15. 1
15.1
18.1
1&4
29.0
29.9
3.3
5.1
3.9
5.7
63.6
66.2
66. 5
61,3
63.5
63.2
63.5
64.0
32.8
32.7
33.0
34.0
14.4
13.7
140
14.5
- 18.5
19.0
19.0
19.5
30.7
30. 5
SO. 5
30.0
.0
2.9
3.0
-2.7
-.3
2.2
2.3
-3.4
l Revisions shown on p. 16 have not ret been Incorporated into these accounts.
"Other" construction In this series Includes petroleum and natural gas well
drilling, which are excluded from estimates on p. 19.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source: Department o{ Commerce*
JtUK N£W iOiANT AND EQUIPMENT
The October-November survey indicates that businesses intend to reduce expenditures on plant and equipment rather
sharply during the first quarter of 1958.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
I957
IS5I
I958
\J SEE NOTE 3 ON TABLE BELOW.
SOURCES ' SECURITIES AND EXCHANGE COMMISSION AND DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVISERS
[Billions of dollars]
Transportation
Mining
Durable NonduraRailroads Other
goods ble goods
0.33
0.28 0.36
0.76
1.19
1.30
3.41
.69
.89
5.30
5.65
.88
1.32
1.28
3.48
.79
.89
2.59
4.56
1.35
1.21
.71
3.14
436
1.11
.93
1.49
1.47
5.17
5.68
5.61
.98
1.50
6.02
1.40
.99
5.65
1.31
1,56
6.26
.98
1.51
5.09
5.95
.85
1.60
.96
5.44
.92
6.00
7.62
1.24
1.71
7.33
1.23
1.25
1,80
8.05
1.39
8.00
Seasonally adjusted annual rates
1.35
1.42
1. 52
8.09
8.03
1.82
1. 28
1.35
8.31
7.94
1.24
1.54
1.81
8.23
8.14
2.03
7.93
1.20
1.22
8.23
1.82
1. 16
7.27
1. 16
7.69
Manufacturing
Total1
Period
1939
1947
1948
1949
1950
1951-. .. _ .
1952
1953
1954
1955
1956 3
1957
1957: First quarter ..
Second quarter
Third quarter
Fourth quarter *
1958: First quarter «
.__
Total
5.51
20.61
22.06
19.28
20.60
25.64
26.49
28.32
26.83
28.70
35. 08
37.03
1.94
8.70
9.13
7.15
7.49
10.85
11. 63
11.91
11.04
11.44
14. 95
16.05
36.89
37.03
37.75
37.47
35. 52
16. 12
16. 25
16.37
16.16
14.96
Public Commerand
utilities cial
other9
3.66
a 89
4.55
4.22
4.31
4.90
6.28
2.08
7.49
6.90
5.98
6.78
7.24
7.09
8.00
8.23
9.47
11.05
10.26
5.72
5. 93
6.64
6.62
6.48
10.76
10.40
10.15
10.24
9.94
0.53
1.54
2.54
a 12
a 31
' Excludes agriculture.
' Commercial and other includes trade, service,finance,communications, and construction.
i Estimates based on anticipated capital expenditures as reported by business In late October and November 1957.
NOTE.—Annual total is the sum ol unadjusted expenditures: it does not necessarily coincide with the average of seasonally adjusted figures, which include
adjustments, when necessary, for systematic tendencies in anticipatory data.
These figures do not agree with the totals included to the gross national product estimates of the Department of Commerce, principally because the latter
cover agricultural investment and also certain equipment and construction outlays charged to current expense.
Detail will not necessarily add to totals because of rounding.
Sources: Securities and Exchange Commission and Department of Commerce.
10
EMPLOYMENT, UNEMPLOYMENT, AND WAGES
STATUS OF THE LABOR FORCE
Unemployment rose 1.1 million in January to a level of 4.5 million, or 6.7 percent of trie labor force. Total civilian
employment declined 2.2 million to 62.2 million. These changes were larger than usual for this time of year.
MILLIONS OFPERSONS-1'
75
I952
I954
I953
I955
1957
I956
•^W YEARS OF AGE AND OVER.
SOURCE: DEPARTMENT OF COMMERCE.
Period
1958
COUNCIL OF ECONOMIC ADVISERS
Total
Civilian employment l
Insured unemployment2
Unemployment *
labor
%
of
civilian
Civilian
All proState proforce (in- labor
grams
grams as
labor force
NonagriAgriculcluding
1
Total
force
cultural Number Unad- Seas. (thousands % of covered
tural
armed
forces) *
justed adj. of persons) employment
Thousands of persons 14 years of age and over
1939
. 55, 600
New definitions: 1
1952__
66, 560
1953
67, 362
1954 .
..
67, 818
1955
68, 896
1956
70, 387
1957
70, 744
1956: December
69, 855
1957: January
68, 638
February
69, 128
March
69, 562
April
69, 771
May
70, 714
June.
72, 661
July
73, 051
August
71, 833
September
71, 044
October
71, 299
November
70, 790
December _ 70, 458
1958: January 69, 379
55, 230
45, 750
9,610
36, 140
9,480
17.2
62, 966
63, 815
64, 468
65, 848
67, 530
67, 946
67, 029
65, 821
66, 311
66, 746
66, 951
67, 893
69, 842
70, 228
68, 994
68, 225
68, 513
68, 061
67, 770
66, 732
61, 035
61, 945
60, 890
62, 944
64, 708
65, Oil
64, 306
62, 578
63, 190
63, 865
64, 261
65, 178
66, 504
67, 221
66, 385
65, 674
66, 005
64, 873
64, 396
62, 238
6,792
6,555
6, 495
6,718
6, 572
6, 222
5, 105
4,935
5, 195
5,434
5,755
6,659
7,534
7,772
6,823
6,518
6,837
5,817
5,385
4,998
54, 243
55, 390
54, 395
56, 225
58, 135
58, 789
59, 199
57, 643
57, 996
58, 431
58, 506
58, 519
58, 970
59, 449
59, 562
59, 156
59, 168
59, 057
59, 012
57, 240
1,932
1, 870
3,578
2, 904
2, 822
2, 936
2,723
3,244
3,121
2,882
2,690
2,715
3,337
3,007
2,609
2,552
2, 508
3,188
3,374
4,494
3. 1
2.9
5.6
4. 4
4.2
4.3
4. 1
4.9
4.7
4.3
4.0
4.0
4.8
4.3
3.8
3.7
3.7
4.7
5.0
6. 7
5. 1
4.1
4.S
4.1
S.9
4-0
4-1
4.2
4.S
4.3
4.5
4.7
4.9
5.0
5.8
1,064
1,058
2,039
1, 388
1,312
1, 560
1,379
1,850
1, 846
1,700
1,565
1,424
1,319
1,368
1, 228
1,240
1,314
1,623
2, 256
3
3, 064
' See Monthly Rcportt on the Labor Fora, Department of Commerce, for definitions, methods of estimation, periods to which data pertain, etc.
Weekly averages.
* Preliminary estimate.
Sources: Department of Commerce, Department of Labor, and .Council of Economic Advisers.
2.9
2.8
5.2
3. 4
3. 1
3. 5
3.3
4. 4
4.3
4.0
3.6
3.3
3.0
3.1
2.8
2.8
3.0
3.6
5. 1
3
6. 9
8
11
NONAGRiCULTURAL EMPLOYMENT
Employment in nonagricultural establishments dropped more than seasonally in January.
MILLIONS OF VifcfcE
UNO SALARY WORKERS*
MIIUOHS OF WA6S
AND SAL ART WORKERS*
56
ALL NONAGRICULTURAL ESTABLISHMENTS
50
10
I I 1,1.1 Li I l ujj
I9S6
1955
1957
1958
1955
4.0
12.0
CONTRACT CONSTRUCTION
(ENLARGED SCALE)
(ENLARGED SCALE)
3.5
11-5
3.0
H,0
2.5
IO.S
1 t i i i I i i I l i
1955
1956
WHOLESALE AND RETAIL TRADE
A
10.0
1955
1958
1957
1956
1957
1958
* SEASONALLY ADJUSTED DATA
SOURCE: DEPARTMENT OF LAGOR
[Thousands of wage and salary workers *J
Period
1939
1952
1953...
1954.
1955
1956 2
1957
__
GovernContract Wholesale
ment
and retail (Federal,
Nondu- Mining construction
State,
trade
rable goods
local)
5,394
845
8.995
1,160
6, 613
2,634
6,994
885
10, 281
6, 609
7,133
852
2.622
10, 527
6,645
6,873
2,593
10, 520
777
6,751
7,014
777
10, 846
6,914
2,759
11, 292
2,993
7,080
816
7,178
6,992
7,380
11, 543
840
3,025
Manufacturing
Total,
unadjusted
Total
50, 311
48, SOS
49, 681
48, 431
SO, 066
51, 878
58,543
30, 311
48, 303
49, 681
48, 431
50, 056
51, 878
52, 543
SS, 6S9
SI, 716
51, 704
51, 919
BS, 870
5$, 48S
62, 881
52, 60S
Bt, 891
5$, IBS
52, 541
52, 493
52, 577
52, 547
52, 593
52, 698
52, 773
52, 815
52, 844
52, 662
52, 469
52, 218
51, 930
51, 735
Total
10, 078
16, 334
17, 238
15, 995
16,563
16, 905
16, 800
Durable
gooda
4,683
9,340
10, 105
9, 122
9,549
9,825
9,808
Other
7,632
11,563
11,797
11, 796
12, 197
12, 694
12, 955
Adjusted (or seasonal variation
1956: December.
1957: January...
February
March
April
May
June July
August
SeptemberOctober—
NovemberDecember81958: January2,.
es, 043
es, oss
SS, 789
SO, 985
17, 106
17, 053
16, 995
16, 962
16, 965
16, 946
16, 924
16, 880
16, 836
16, 681
16, 604
16, 463
16, 276
15, 973
10, 035
10, 006
9,980
9,945
9,928
9,915
9, 907
9,869
9,844
9,700
9,649
9,536
9, 380
9, 132
7, 071
7,047
7,015
7,017
7,037
7,031
7,017
7,011
6,992
6,981
6, 955
6,927
6, 896
6,841
833
832
833
831
841
843
854
861
853
849
837
825
822
813
3,074
2,963
3,020
3,062
3,059
3,097
3,108
3,061
3, 032
3, 028
3,013
2,956
2,911
2,856
11, 408
11, 465
11, 519
11, 490
11, 501
11, 542
11, 579
11, 636
11, 669
11, 620
11, 590
11, 567
11, 498
11, 667
7,272
7,310
7,317
7,331
7,347
7,358
7,354
7,374
7,439
7,440
7,427
7,415
7,448
7,471
12, 848
12, 870
12, 893
12, 871
12,880
12,912
12, 954
13,003
13,015
13, 044
12, 998
12, 992
12, 975
12, 955
• j. Deludes all full- and part-time wage and salary workers In nonagricultural establishments who worked during or received pay for any part of the pay period
ending nearest the 16th of the month. Excludes proprietors, self-employed persons, domestic servants, and personnel of the armed forces. Total derived from this
table not comparable with estimates of nonagricultural employment of the civilian labor force reported by the Department of Commerce (p. 11) which Include proprietors, sell-employed persons, and domestic servants; which count persons as employed when they are not at work because of industrial disputes; and which ara
oaseoI on ea enumeration of population,, whereas the estimates in this table are based on reports from employing establishments.
12
Source: Department of Labor.
AVERAGE WEEKLY HOURS - SELECTED INDUSTRIES
The average workweek in manufacturing was 38.7 hours in January, 0.7 hours less than in December 1957 and 1.5
hours less than in January 1957. The over-the-month change was slightly larger than usual for this time of year.
HOURS PER WEEK
HOURS PER WEEK
46
46
NONDURABLE MANUFACTURING
DURABLE MANUFACTURING
I I I II
jmJ
I I II
1956
LLI 1 1 1 1 1 1 1 1 1
1958
BUILDING CONSTRUCTION
I I I 1 I I I I I IJ
1956
1955
RETAIL TRADE
.1 I I I I I I I I I
UU_
LLLUk
I I I I II I II
1956
1953
1957
_LUJ
1956
1955
1957
COUNCIL OF ECONOMIC ADVISgRS
SOURCE: DEPARTMENT OF LABOR
[Hours per week, for production workers or nonsupervisory employees]
Manufacturing
Period
1939
1948
1949
1951
1952
1953
1954..
_ ...
1955 ...
1956 2
1957
1956: December
1957: January
February
- _
March
.
April
May
July...
August
September
October
_
November.
__
2
December
1958: January 8
-
Total
.-
..
_ -
-_
- _
-
_ _ _ _
-
- - -
Durable
goods
37.7
40. 1
39. 2
40.7
40. 7
40. 5
39. 7
40.7
40. 4
39. 8
41. 0
40. 2
40. 2
40. 1
39. 8
39. 7
40. 0
39.7
40. 0
39. 9
39. 5
39. 3
39. 4
38. 7
' Data beginning with January 1948 are not strictly comparable with those tor earlier periods.
Preliminary estimates.
Source: Department of Labor.
21609—5S
3
1
38.0
40. 5
39.5
41.6
41.5
41.3
40. 2
41.4
41. 1
40. 3
41.9
40. 9
40. 9
40. 8
40. 5
40.3
40. 5
40.0
40. 3
40. 2
39. 8
39. 7
39. 7
39. 0
nuilrtiDg
Nondurable construction Retail trade
goods
37.4
39. 6
38.8
39.5
39.6
39.5
39. 0
39. 8
39. 5
39. 2
39. 7
39. 1
39. 3
39. 1
38.9
38.9
39. 2
39.4
39.5
39. 6
39.0
38.8
39. 0
38. 4
32. 6
37. 3
36. 7
37.2
38. 1
37.0
36. 2
36.2
42.7
40. 3
40.4
40.2
39. 9
39. 2
39. 1
39.0
38. 6
38 1
38. 6
38. 2
38. 2
38.0
38. 0
38. 0
38. 2
38. 6
38. 7
38. 1
37. 6
37. 5
38 3
!
36. 4
36. 1
36.3
34. 1
36.3
36.0
36. 2
36. 4
36. 9
36.8
37. 2
36. 8
36. 6
34.4
34. 9
(3)
(3)
'Not available.
13
AVERAGE HOURLY EARNINGS - SELECTED INDUSTRIES
In January, averase hourly earnings of $2.10 for production workers in manufacturing were the same as in December
1957 but 5 cents more than in January 1957.
»
DOLLARS PER HOUR
DOLLARS PER HOUR
2.40
DURABLE MANUFACTURING
2.30
Z.90
£.80
E.OO
l.90UU_LJ_l
I I I I LlJ
2.6O
LL.I i i i I i i i i i
1958
1955
1958
I95S
i i i i i I i j i i i
i i i i i I i i i i i
i i i i i I i i i 11
1956
I9S7
1958
E.OO
NONDURABLE MANUFACTURING
CURRENT PRIC
1.90
1.80
1.60 U-l
1956
1958
SOURCE: DEPARTMENT OF LABOR.
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
\ll manufacturing
Period
Durable goods
manufacturing
Current
1957
prices '
prices
Current
prices
Current
1957
prices1 prices
1957
prices'
$1. 281
1.579
1.654
1. 72
1.77
1.86
1.90
1.97
2.05
2.07
2. 09
2.09
2.07
2.07
2.06
2.07
2. 07
2.06
2.06
2.07
2.08
2.08
2.08
(4)
$0. 698
1. 410
1. 469
1. 67
1. 77
1.87
1. 92
2.01
2. 10
2.20
2. 18
2. 18
2. 17
2. 18
2. 18
2. 18
2. 19
2. 20
2.21
2. 22
2.23
2.24
2. 24
2. 24
$1. 413
1.649
1. 734
1.81
1.88
1. 96
2.01
2. 11
2. 17
2. 20
2.22
2.22
2.20
2.20
2.20
2. 19
2. 19
2. 19
2. 19
2.20
2.21
2. 21
2. 21
(4)
$1. 178
1.495
1.564
1. 60
1.63
1.69
1.74
1. 79
1. 86
1. 89
1.89
1.89
1. 88
1.89
1.88
1. 89
1.89
1.88
1. 87
1.89
1. 89
1. 90
1.90
1939
-- - $0. 633
1948
- ... -- - -- --- 1.350
1. 401
1949
- 1.59
1951
._
.
1.67
1952
1953
.
- - - - - - 1. 77
1.81
1954
1955
-- - 1.88
1. 98
1956 s _. -2.07
1957
- 2.05
1956: December
2.05
1957: January
2.05
February 2.05
March
2.05
April
2.06
Mav
2. 07
June
2.07
July
2.07
August
2.08
September
2.09
October
2. 11
November 3
2. 10
December
- _
2. 10
1958: January 3
- -
$0. 582
1.278
1.325
1.48
1.54
1.61
1.66
1.71
1.80
1.89
1. 86
1. 86
1.86
1. 87
1.87
1.88
1. 89
1.89
1.88
1. 90
1.90
1. 92
1.92
1.92
' Earnings in current prices divided by consumer price index on a 1957 base.
> Data beginning with January 1948 are not strictly comparable with those for earlier periods.
il Source: Department of Labor.
building
construction
N ondurable good*
manufacturing
(4).
Current
prices
$0. 932
1. 848
1.935
2. 19
2. 31
2.48
2.60
2.66
2.80
2.97
2. 89
2. 92
2.91
2.91
2.92
2. 94
2.94
2.96
2.97
3.02
3. 02
3.03
3.04
(4)
2
Retail trade
Current
1957
prices ' prices
$1. 887
2. 161
2.285
2. 37
2. 45
2. 61
2.72
2.79
2.90
2.97
2. 94
2. 97
2.95
2. 94
2.94
2.95
2. 94
2.95
2.95
3.00
3.00
2.99
3. 00
(4)
2
$0. 542
1.088
1. 137
1.26
1.32
1.40
1.45
1.50
1.57
1. 65
1.55
1.61
1.61
1.62
1.62
1. 64
1.66
1.67
1.67
1.68
1.67
1.66
1. 63
(4)
' Preliminary estimates.
< Not available.
1957
prices'
$1. 097
1. 273
1.342
1.37
1.40
1.47
1. 52
1.57
1. 62
1.65
1.58
1.64
1. 63
1. 64
1. 63
1. 65
1.66
1. 66
1. 66
1. 67
1. 66
1. 64
1. 61
(4)
AVERAGE WEEKLY EARNINGS - SELECTED INDUSTRIES
Average weekly earnings in manufacturing dropped $1.47 in January to $81.27.
they were down $1.14. A reduction in hours worked accounted for the changes.
DOLLARS PER WEEK
DOLLARS PER WEEK
IOO
115
Compared with a year earlier,
SO
75
NONDURABLE MANUFACTURING
RETAIL TRADE
CURRENT PRICESv
CURRENT PRICES
70
J~U|
1958
1955
_LJ I I I I I I I. I I
i i i i M ii
1955
I I I I 1 I I I I I. j-
1957
1956
SOURCE: DEPARTMENT OF LABOR
COUNCIL OF ECONOMIC ADVISERS
[For production workers or nonsupervisory employees]
All manufacturing
Period
Current
prices
1939
$23. 86
1948
54. 14
1949 .
_
54.92
1951
64.71
1952
67. 97
1953
71.69
1954
. -_
71. 86
76.52
1955
1956 3
79. 99
1957 -_.
82.39
1956: December
84.05
1957: January
82.41
February 82. 41
82.21
March
April _
81.59
May_
81. 78
82.80
June
82. 18
July
August
82.80
September
._
82.99
October
82.56
November 3
.
82.92
December -. - __ _ - 82.74
1958: January 3
81.27
Current
1957
prices ' prices
$48. 30
63.32
64. 84
70. 11
72. 00
75.30
75.25
80.29
82. 72
82.39
85. 59
83.84
83.41
83. 12
82. 17
82. 19
82.80
81.77
82.22
82.41
81. 99
81.94
81.76
(4)
Building
Nondurable goods
manufacturing
construction
Current
Current
1957
1957
1957
prices' prices prices1 prices
prices1
Durable goods
manufacturing
$26. 50
57. 11
58.03
69. 47
73.46
77.23
77. 18
83. 21
86.31
88. 66
91.34
89. 16
88.75
88. 94
88.29
87. 85
88.70
88.00
89. 06
89.24
88.75
88.93
88.93
87.36
$53. 64
66.80
68.51
75.27
77. 82
81. 12
80. 82
87.31
89.26
88. 66
93.01
90. 70
89. 83
89. 93
88.91
88.29
88.70
87.56
88.44
88.62
88. 13
87.88
87.88
(4)
$21. 78
50. 61
51.41
58. 46
60.98
63. 60
64.74
68. 06
71. 10
74.09
73.84
72.73
73. 10
73. 12
72.74
73. 13
74.09
74.47
74.26
75.24
74. 10
74.50
74.88
73.73
>1 Earnings in current prices divided by consumer price index on a 1957 base.
Data beginning with January 1948 are not strictly comparable with those for earlier periods.
Source: Department of Labor.
$44.09
59. 19
60.70
63.34
64. 60
66.81
67. 79
71. 42
73.53
74.09
75. 19
73.99
73.99
73. 93
73.25
73.50
74. 09
74. 10
73. 74
74. 72
73.58
73. 62
73. 99
(4)
$30. 39
68. 85
70.95
81.47
88.01
91.76
94 12
96.29
101. 92
107. 22
104.91
99.57
105. 63
104.76
105. 70
107. 02
108. 49
108. 93
110. 48
111. 14
110. 53
104.23
106. 10
2
W
$61. 52
80. 53
83. 77
88.27
93. 23
96.39
98. 55
101. 04
105. 40
107. 22
106. 83
101. 29
106. 91
105. 93
106. 45
107. 56
108. 49
108. 39
109. 71
110. 37
109. 76
102. 99
104. 84
2
(4)
» Preliminary estimates.
< Not available.
Retail trade
Current
prices
$23. 14
43. 85
45.93
50. 65
52.67
54.88
56.70
58.50
60. 60
62.87
59.83
61.50
61.50
61.56
61. 56
62.32
63.41
64. 46
64.63
64. 01
62. 79
62. 25
62.43
(4)
1957
prices '
$46. 84
51. 29
54.23
54.88
55. 79
57.65
59.37
61.39
62. 67
62.87
60. 93
62.56
62.25
62.24
61.99
62.63
63.41
64. 14
64. 18
63.57
62.35
61.51
61.69
«
15
PRODUCTION AND BUSINESS ACTIVITY
INDUSTRIAL PRODUCTION
The index of industrial production (seasonally adjusted) declined in January for the fifth month in a row. The estimated index of 133 (1947-49=100) was 3 points lower ihan in December 1957 and 13 points lower than a year
earlier.
INDEX, 1947-49 = IOO
ISO
INDEX, I947-49-IOO
I6O
too
I952
I953
I956
I955
I954
I957
I958
COUNCIL OF ECONOMIC ADVISERS
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[1947-49=100, seasonally adjusted]
Total
industrial
production
renoa
1939
1948_
1949
1951
1952
_
1953_
1954 .
1955
_
1958
1957*
-._
1956: December
1957: January
February
March
April
.
58
—
,
„_
„_
_
.
-
147
..
_
May
June
July
August
September
October
November
December
1958: January l
16
.
-_
i Preliminary estimates.
104
97
120
124
134
125
139
143
143
,
_.
146
146
145
143
143
144
144
145
144
141
139
136
133
Manufactures
Minerals
Total
57
103
97
121
125
136
127
140
144
145
149
147
148
147
145
145
146
146
147
146
142
141
137
135
Durable
49
104
95
128
136
153
137
155
159
159
167
164
164
162
160
159
162
161
163
160
155 ,
153
147
143
Nondurable
66
102
99
114
114
118
116
126
129
130
130
131
131
131
129
130
130
130
131
132
130
128
127
126
Source: Board of Governors of the Federal Beserve System.
68
106
94
115
114
116
111
122
129
128
130
131
133
133
130
130
127
127
129
129
128
122
122
122
PRODUCTION OF SELECTED MANUFACTURES
Production decreases were registered in most major industry sroups of durable and nondurable manufactures in
Jdnuary. The sharpest decreases were in primary metals and fabricated metal products.
INDEX, 1947-49 = 100, SEASONALLY ADJUSTED
INDEX,1947-49-100, SEASONALLY ADJUSTED
eao
zoo
140
120
1958
SOURCE: BOARD OF OTVERNOSS OF THE r£DER4L RESERVE SYSTEM.
Period
1939
„
1948
1949 „
1951 .
1952 _ „„
1953
--„
1954
1955
_.
1956 „
_
1957'
1956: December......
1957: January. _ _ _ _ _ _
February _ _ _ _ _ _
March
April— __
___
May..
__
June.... -_ .
.
.
July
August. _. _ _.
September .
.
.
.
.
.
OctoberNovember
December
1958: January *.> Preliminary estimates.
Primary
metala
54
107
90
126
116
132
108
140
138
132
145
143
143
137
134
132
132
132
136
131
128
121
108
100
COUNCIL OF ECONOMIC ABVI5ERS
[1947-49=100, seasonally adjusted]
Durable manufactures
Nondurable manufactures
ConFabriTranspor- Lumber Textiles Paper Chemical Foods, sumer
cated Machin- tation
and
and and petro- bever-, durable
and
metal
ery
equipprod- apparel
printleum ages, and goods
products
ment
ucts
ing
products tobacco
62
38
80
47
80
66
49
65
104
104
102
103
103
106
103
100
102
93
93
102
97
93
100
101
100
101
122
130
132
113
106
135
118
105
114
121
147
154
111
133
105
118
106
105
136
160
189
118
107
142
125
127
107
123
142
142
115
100
175
125
106
116
134
155
203
127
109
137
169
109
147
135
171
123
199
145
167
108
112
131
138
168
214 ' 114
104
148
172
112
130
177
141
117
106
223
147
170
113
141
137
173
114
104
222
174
148
111
137
172
172
138
113
105
147
225
113
138
137
172
111
222
105
147
171
113
134
140
166
113
217
104
147
172
110
124
136
168
214
115
174
105
148
111
124
139
171
125
106
148
217
170
112
129
141
173
114
104
173
212
146
114
129
140
173
174
212
120
105
149
113
133
140
170
114
149
174
208
107
113
129
162
136
110
172
149
205
103
111
121
139
161
108
148
170
99
206
109
132
154
135
103
146
200
97
171
113
124
129
147
151
96
169
196
(s)
113
.119
«Not available.
Source: Board of Governors of the Federal Reserv* System.
WEEKLY INDICATORS OF PRODUCTION
Most weekly indicators of production continued to decline during January and early February.
MILLIONS OF TONS
MILLIONS OF SHORT TONS (DAILY AVERAGE)
BITUMINOUS COAL
STEEL
_L95JL
1956
1955
J
F
M
A
M
J
J
J
BILLIONS OF KILOWATT HOURS
F
THOUSANDS
I , , I ,, , I I , ; , I , , ,I , , ,I ,, , ,
, , , I , , , I I , , , I , , , I , , ,I , , , ,
s
SOURCES: AMERICAN IRON AND STEEL INSTITUTE, DEPARTMENT OF THE INTERIOR,
EDISON ELECTRIC INSTITUTE, AND WARD'S AUTOMOTIVE REPORTS.
Period
Weekly average:
1954
1955
—
1956
1957
1957" January
February
March
April -—
May
June
July
August
September
October
November
December
1958* January 3 _
Week ended:
1958: January 18__.
25___
February 1S
8 _.
15334__
22 _
vo
N
o
COUNCIL OF ECONOMIC ADVISERS
Bituminous Freight
Electric
Steel produced l
power
coal mined
loaded
Thousands Index
distributed (thousands (thousands
of net
of short
(1947-49= (millions of
of cars)
tons
kilowatt-hours) tons) *
100)
Cars and trucks
Paperboard
produced assembled (thousands)
(thousands
Total
of tons)
Cars Trucks
1,694
2,245
2,204
2, 162
2,485
2,497
2,390
2,288
2,210
2,189
2,016
2,084
2,098
2,076
1,956
1,679
1,521
105.4
139. 7
137.2
134.6
1547
155.4
148.8
142. 6
137.6
136.4
125. 2
129.8
130.4
129.3
121.9
104.3
94.7
8,883
10, 318
11, 292
11, 873
12, 257
11,919
11, 734
11, 546
11, 325
11, 989
12,009
12, 162
11, 828
11,721
11,904
12, 129
12, 247
1,803
1, 542
1,693
1,635
1,693
1,642
1,635
1,654
1,607
1,685
1,649
1,594
1,699
1,684
1,551
1,452
1,428
652
724
728
683
643
668
686
674
712
740
690
749
713
727
627
555
543
236
269
274
272
244
273
283
275
279
275
228
287
278
299
286
263
224
125.6
176.7
132.9
138.5
153.9
166.1
158.9
148.3
138.9
14RO
128.7
139.4
84.3
91.7
157.9
146. 5
120.9
106.0
152.7
111.6
117.6
133.9
143. 1
137.5
1246
116.6
1249
108. 4
119.5
70.1
72.8
136.3
126.4
103.7
19.7
240
21.3
20.9
19.9
23.0
21.4
23.7
22.2
23. 1
20.3
19.9
14.2
18.9
21.6
20. 1
17.2
1,538
1,496
1, 459
1,457
1,445
1,459
95. 7
93. 1
90.8
90.7
90.0
90.8
12, 400
12, 399
12, 238
12, 289
1,407
1,381
1,353
4
1, 243
572
551
550
532
282
267
244
252
259
128.4
125.7
122. 7
128.5
4
119. 8
109.8
107.5
1044
109.0
101. 2
18.6
18.2
18.4
19. 5
18.6
' Weekly capacities (net tons) as of January 1 are: 2,384,549 (1954), 2,413,278 (1955), 2,455,300 (1956), 2,559,631 (1957), and 2,699,320 (1958).
Bally averagetorweek.
' Preliminary.
' Not charted.
Sources: American Iron and Steel Institute, Edison Electric Institute, Department of the Interior, Association of American Railroads, National Paperboard
Association, and Ward's Automotive Keports.
1
18
NEW CONSTRUCTION
Expenditures for total new construction in January were about the same as in December.
construction were offset by lower expenditures for private construction.
Higher outlays for public
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
[ I I I i 1 I | 1 | I I I I { I I I I I I I I I i 1 i I I I I I' t I M i I 1 I i i I 1 I I I I I i I I I I I t I t I I i I I I M i i I I I I I 1 I I I 1 I t I I I I 1
20
PRIVATE RESIDENTIAL
(NONFARM) S^^
-.--..-
__..»*
__
....
— •— •"*~~OTHER Pf
IVATE
10
I 1 1 1 1 1 1 1 1 1 1
1 ) I ( M 1 1 1 1 [
I i i ii 1 i i i i i
1952
1953
1954
SOURCES: DEPARTMENT OF COMMERCE AND DEPARTMENT OF LABOR
Total new
construction
8.2
34.8
37.1
39. 6
44.6
46. 1
47.3
Period
1939
1952
1953
1954
1955
1956..
1957*
-_
1956: December _.
1957: January
February
March . _ .
April
Mav
- June
July
August
September
October
November
-_ _
December
1958: Janujirv 4
4..0.0,J
- _
46.8
47. 1
46.3
46. 9
46.9
46. 9
46.8
46. 0
47.3
47.7
48.8
48. 5
48.6
48.5
,
1955
t 1 1 1 1 1 1 1 1 1 1
1956
i iiii1 t iiii
1957
1 1 1! t i 1 1 i I 11
1958
COUNCIL Of ECONOMIC ADVISERS
[Billions of dollars]
Private
Federal, Construction contracts '
State, and 48 States 2 37 Eastern
Total
Residential
Other
local
States *
private
(nonfarm)
4.4
1.7
3. 8
3.6
2.7
10.9
11.0
16.8
23.8
12.8
11.4
17.4
11.9
25.7
13.8
12.3
27.7
15.4
11.9
19.8
12.0
32.6
13.9
23.7
18.7
15.6
12.8
31.6
»24. 6
33.2
17.6
32.2
16.7
13.9
25.3
33. 3
16.6
Seasonally adjusted annual rates
25.9
13.3
20.8
16.1
33.6
17.5
14.2
27.0
34.8
15.9
32. 8
16.9
32.6
13.5
16.2
26.0
16.7
32.9
36.6
29.2
13. 9
16.4
33.0
16. 6
29. 0
22.3
13.8
33. 0
16.7
16.3
35.9
27.9
13.8
17.2
15.9
33.0
35.3
13.9
32. 9
26.8
17.0
15.9
31.2
24.7
13.1
16.7
16.2
32.9
34.5
28.0
13.9
16.9
33.4
16.5
29.5
14.3
23.8
16.8
33.5
16.7
31.3
23. 5
14.8
17.0
34.0
17.0
33.5
14.4
26.5
17.2
16. 9
34. 1
25.3
14.4
16.9
34.2
20.3
17.3
15. 1
16.8
33.3
16.6
« Compiled by F. W. Dodge Corporation; seasonally adjusted by the National Bureau of Economic Research. Omits Email contracts, and covers rural areas less
fully3 than urban.
Series begins January 1956. The 37 Eastern States data are probably Indicative of the 48 States trend for other periods.
* Eevlsed series beginning January 1956; not comparable with prior data.
* Preliminary estimates.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce, Department of Labor, and F. W. Dodge Corporation (except aa noted}.
19
HOUSING STARTS AND APPLICATIONS FOR FINANCING
Private nonfarm housing starts (seasonally adjusted) increased in January to the highest level in more^than a year,
except for August'1957.
MILLIONS OF UNITS
MILLIONS OF UNITS
0.6
I953
1953
1954
I9S5
1956
1958
1957
_l/SEE FOOTNOTE 2 ON TABLE BELOW.
SOURCES: DEPARTMENT OF LABOR, FEDERAL HOUSING ADMINISTRATION (ma, AND VETERANS ADMINISTRATION <v*>.
[Thousands of units)
New nonfarm housing starts
Period
Annual total: I960. -1953.-1954—
1955.-..
1956...
1957*
Monthly average: 1950_
1953.1956..
1957*.
1956: December
..
1957: January
...
February...
March_ _
_„
April
May .__. ._
June ___. _
July
August
September
October
November
December
1958:" Januarv B
.
20
Total
1, 396. 0
1, 103. 8
1, 220. 4
1, 328. 9
1, 118. 1
1, 040. 9
116.3
92.0
93.2
86.7
eae
63.0
65.8
87.0
sa7
103.0
99.9
99.9
100.0
91.9
96.7
8
78. 0
«62. 0
69.0
Publicly
financed
Total
43,8 1, 352. 2
35.5 1, 068. 3
18.7 1, 201. 7
19.4 1, 309. 5
242 1, 093. 9
991.1
49.8
112.7
3.6
89.0
3.0
91.2
2.0
82.6
42
62.9
.7
60.1
2.9
eai
2.7
7.7
79.3
91.4
2.3
6.1
96.9
94.5
5.4
6.0
93.9
3.2
96.8
90.2
1.7
88.4
8.3
S
«75. 7
2. 3
£60. 8
'J. 2
64.2
4.8
Privately financed
Government program!
VA
Total' FHA 1
'200.0
686.7
486.7
252.0
156.6
408.6
583.3
276.3 307.0
392.9
669.6
276.7
270.7
460.0
189.3
296.7
168.4
128.3
67.2
40.6
16.7
34.0
21.0
13.0
38.3
15.8
22.6
14.0
10.7
24.7
9.6
15.0
246
7.7
12,0
19.7
9.3
9.9
19.2
1L4
22.7
11.3
13.5
25.6
12.1
27.0
14.9
12.0
28.3
15.3
13.0
28.0
15.7
12.3
17.7
11.6
29.3
16.4
28.2
11.8
28.4
18.7
9.7
15.0
6.4
21.4
14.2
46
18.9
4.1
ia2
17.3
COUNCIL OF KOMOMtC ADVISERS
Proposed borne construction
Private,
Requests
seasonally Applications
adjusted for PEA comfor;VA
annual
mitments *
appraisals
rates
397.7
253.7
"id. 4
338.6
535.4
306.2
620.8
197.7
401. 5
198.8
159. 4
33.1
W
21.1
21.0
16.5
33.5
16.6
13.3
1,OSO
7.7
19.0
18.9
10.6
90S
8S5
20.2
12.1
9SS
19.5
16.2
90S
16.8
19.4
16.9
16.6
994
99S
16.6
13.7
1,015
ia4
14.0
1,066
22.3
14 5
1,01%
20.4
8.9
1,020
20.2
6.4
* 1, 010
147
3.7
'970
13.6
3.5
1, OSO
17.3
5.3
> Excludes armed forces housing; 3,567 units in 1956, 13,616 units in 1957, and 949
units in January 1958.
i Units represented by mortgage applications for new home construction.
Sources; Department of Labor, Federal Hooting Administration (FHA), «nd Veterans' Administration
> Partly estimated.
< Not available.
i Preliminary estimates.
(VA)
SALES AND INVENTORIES - MANUFACTURING AND TRADE
Manufacturer's sales, inventories, and new orders declined in December. Retail sales rose in December and, according to preliminary data, increased further in January.
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
BILLIONS OF DOLLARS, SEASONALLY ADJUSTED
100
TOTAL AND MANUFACTURING
INDEX. 1947-49- IOO. SEASONALLY ADJUSTED
160 I
120
20
!OO
1954
1955
1957
1957
1954
*MANUFACTUR1N6, RETAIL TRADE, AND WHOLESALE TRADE.
COUNCIL OF ECONOMIC ADVISERS
SOURCES: DEPARTMENT Or COMMERCE AND BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Manufacturing
Retail
Manufacturing
Department stores
Wholesale
and trade
InvenInven-1 Sales1 Inven- New 1 Sales1 Inven- Sales1 Inven-1 Sales*
Sales1 tories
tories > orders
tories*
tories *
tories
Index 1947-49- 100,
Billions of dollars, seasonally adjusted
seasonally adjusted
Period
1951...
1952
1953
1954
1955
1956
1957 4
1956: November
December
1957: January
February
March
April
May
June ..
July
August
September
October..
November 4
December
1958: January 4
«_
447
45.9
4&4
47.4
52.3
54.8
56.3
56.3
57.0
57.9
57.4
56.2
56.4
56.8
56.4
57.4
57.0
56.3
55.7
54.7
54.5
73.8
75.4
78.6
75.5
81.7
89.1
90.8
88.5
89.1
89.3
89.6
89.9
90.1
90.6
90.7
91.0
91.3
91.3
91.1
91.0
90.8
22.3
22.8
245
23.5
26.3
27.7
28.4
28.5
28. 8
30.0
29.5
28.4
28.7
28.6
28.1
29.0
28.6
28.2
28.1
27.2
26.7
42.8
43.8
45.4
43.0
46.4
52.3
53.6
52.2
52.3
52.4
52.9
53.3
53.7
53.9
53.9
54. 1
54.2
54.2
54.1
53.9
53.6
245
23.6
23. 1
22.5
27.2
28.3
27.3
30.0
29.0
28.9
28.6
28. 1
27.9
28.4
27. 1
27.3
27.3
26. 6
26.2
26. 1
25. 2
9.4
9.6
9.8
9.7
10.6
11.3
11.3
11.6
11.8
11.6
11.5
11.4
11.3
11.5
11.4
11.4
11.4
11.2
11.0
10.9
10.9
9.7
10.0
10.5
10.4
11.4
13.0
12.7
12.8
13.0
12.9
12.8
12.8
12.8
12.7
12.7
12.7
12.8
12.8
12.8
12.8
12.7
13.0
13.5
141
141
15.3
15.8
16.7
16. 2
16.3
16.3
16.4
16.3
16.4
16.6
16.8
17.0
17.0
16.9
16.7
16.6
16.9
'17.0
< Preliminary estimates.
> Monthly average for year and total (or month.
' Book value, end ot period, seasonally adjusted,
' Not charted.
i Book value, end of period, except annual data, which are monthly averages.
Sources: Department of Commerce and Board of Governors of the Federal Keserve System,
21.2
21.6
22.7
22. 1
23.9
23.9
24.5
23.5
23.9
240
23.9
23.7
23.7
23.9
241
241
24.3
24.4
24.2
24. 3
24.5
112
114
118
118
128
135
136
139
137
133
136
137
131
135
138
138
144
136
129
133
138
«132
131
121
131
128
136
148
152
152
151
150
149
150
152
152
153
154
153
154
155
154
150
21
MERCHANDISE EXPORTS AND IMPORTS
In 1957, both commercial exports (merchandise exports excluding grant-aid shipments) and imports were about 3
percent higher than in 1956.
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
2,000
2,000
1,800
1,800
MERCHANDISE EXPORTS
EXCLUDING GRANT-AID SHIPMENTS-!'
1,600
1,400
1,2 OO
I.ZOO
1,000
1951
1952
1953
.!/ SEE FOOTNOTES I AND 2 ON TABLE- BELOW.
* SEE WLUES FOR MARCH IN TABLE BELOW.
SOURCE: DEPARTMENT OF COMMERCE.
COUNCIL OF ECONOMIC ADVIS
[Millions of dollars]
Merchandise exports
Period
1936-38 monthly average
1949 monthly average
1951 monthly average..
1952 monthly average
1953 monthly average
1954 monthly average
1955 monthly average
1956 monthly average
1957 monthly average *
1956: November
Deeember________
1957; January
- »
February
March
April
May
June
July
August.
September
October
November 3
.
December
'.
Total
.
247
1,004
1,253
1,267
1,314
1,259
1,296
1, 591
1,734
1,545
2,007
1,680
1,611
2,151
1,864
1,813
1,786
1,692
1,677
1, 540
1,674
1,683
1,639
Grant-aid
shipments '
(a8)
()
89
166
293
188
105
146
113
120
123
97
121
129
84
102
134
187
141
103
74
87
95
Excess of exports
over imports
Excluding
grant-aid
shipments
(')
(")
1,164
1,100
1,022
1,071
1,191
1,444
1,621
1,425
1, 884
1, 583
1,490
2,021
1,780
1,711
1,652
1,505
1,536
1,437
1,600
1,596
1,543
Merchandise
imports
207
552
914
893
906
851
949
1,051
1,082
987
1, 059
1,113
993
1,131
1, 118
1, 104
983
1,147
1,042
1,007
1,145
1, 043
* 1,151
Total
40
452
339
374
408
408
347
540
653
558
949
567
618
1,020
745
709
804
545
635
533
530
640
488
Excluding
grant-aid
shipments
(22)
()
250
207
116
220
242
393
540
439
826
:
470
497
890
662
607
669
358
494
430
456
553
392
1
Beginning with 1950, figures include only Department of Defense shipments of grant-aid military supplies and equipment under tie Mutual Security
Program. Shipments for the first 6 months of the program (July-December 1950) amounted to 282 million dollars.
'Not available.
* Preliminary estimates.
«Not charted.
NOTE.—Detail will not necessarily add to totals because of rounding.
Sources: Department of Commerce and Department of Defense.
22
PRICES
CONSUMER PRICES
The average of consumer prices remained unchanged in December.
offset increases in most other categories.
Declining prices (or automobiles and apparel
INDEX, 1947-49:100
140
INDEX, 1947-49 = 100
I4O
130
100
90
COUNCIi Of ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR.
[1947-49=100]
All
itemi
Period
1939
1948
1949
1951
1952
1953
1954
1955
1956
1957 .
1956: November
December
1957: January
February
March
April
May
June
July
August
September
October
November
December
_
- -
59.4
102.8
101.8
111.0
113.5
114.4
114.8
114.5
116.2
_ 120.2
117.8
118.0
118.2
118.7
118.9
119.3
119.6
120.2
120.8
- . 121.0
121. 1
- - 121. 1
121. 6
121.6
Food
47.1
104.1
100.0
112.6
114.6
112.8
112.6
110.0
111.7
115.4
112.9
112.9
112.8
113.6
113.2
113.8
114.6
116.2
117.4
117.9
117.0
116.4
116.0
116. 1
Housing
Total1
Rent
76.1
101.7
103.3
112.4
114.6
117.7
119. 1
120.0
121.7
125.6
123.0
123.5
123.8
124.5
1249
125.2
125.3
125.5
125.5
125.7
126.3
126.6
126. 8
127.0
86.6
100.7
105.0
113.1
117.9
124.1
128.5
130.3
132.7
135.2
133.8
134.2
1342
1342
1344
134.5
1347
135.0
135.2
135.4
135.7
136.0
136.3
136. 7
< Includes, In addition to rent, homeowner costs, utilities, housefurnisbings, etc.
Apparel
Transportation
52.5
103.6
99.4
106.9
105.8
104.8
104.3
103.7
105.5
106.9
107.0
107.0
106.4
106.1
106.8
106.5
106.5
106. 6
106. 5
106. 6
107.3
107.7
107.9
107.6
70.2
100.9
108.5
118.4
126.2
129.7
128.0
126.4
128.7
136.0
133.2
133.1
133.6
1344
135. 1
135.5
135.3
135. 3
135.8
135.9
135.9
135.8
140. 0
138. 9
Reading Other
Medical Personal
and
goods
and
cara
care
recreaservices
tion
72.6
100.9
104. 1
111.1
117.2
121.3
125.2
128.0
132.6
138.0
134.5
134.7
135.3
135.5
136.4
136.9
137.3
137.9
138.4
138.6
139. 0
139.7
140. 3
140. 8
59.6
101.3
101.1
110.6
111.8
112.8
113.4
115.3
120.0
1244
121.4
121.8
122. 1
122.6
122.9
123.3
123. 4
1242
1247
124.9
125. 1
126.2
126. 7
127.0
63.0
100.4
104.1
106.5
107.0
108.0
107.0
106.6
108.1
112.2
109.0
109.3
109.9
110.0
110.5
111.8
111.4
111. 8
112.4
112.6
113.3
113.4
114.4
114.6
70.6
100.5
103.4
109.7
115.4
118.2
120. 1
120.2
122. 0
125.5
123.2
123.3
123.8
124.0
1242
124.2
124.3
124 6
326.6
126.7
126.7
126.8
126. 8
126.8
Source: Department of Labor.
23
WHOLESALE PRICES
The average of prices in primary markets rose slightly in January,
industrial commodity prices declined fractionally.
Farm product and processed food prices rose, while
INDEX, 1947-49 = 100
INDEX, 1947-49-IOO
130
x"1
120
OTHER THAN FARM
PRODUCTS AND FOODS
(INDUSTRIAL)
IOO
90
1952
1954
1953
1955
1956
1957
1958
COUNCIL OF ECONOMIC ADVISERS
SOURCE: DEPARTMENT OF LABOR
[1947-49=100]
All commodities
Period
1939
1948
1949
1951
1952
1953
1954
1955
1956
1957
1957: January
February
March..
April
May
June —
July
August
September
October
November
December
1958: January
Weekended: 1
1958: February
„_
.
.
.
..'..
'.
1
_._
_
. _„
...
".__ '.
„
__
•
.
.
_
4
_
.
Weekly series based on smaller sample than monthly series.
Bonne: -Department of Labor.
24
. _.
Farm
products.
50. 1
104.4
99.2
114. 8
111. 6
110. 1
110. 3
110. 7
114.3
117. 6
116. 9
117.0
116. 9
117. 2
117. 1
117.4
118.2
118.4
118.0
117.8
118. 1
118. 5
118. 7
36 5
107. 3
92. 8
113 4
107. 0
97.0
95. 6
89. 6
88. 4
90. 9
89.3
88. 8
118.6
118.8
Processed
foods
Other than
farm products
and foods
(industrial)
90. 6
89. 5
90.9
92.8
93.0
91.0
91. 5
91. 9
92. 6
93. 6
43 3
106. 1
95.7
111.4
108. 8
104. 6
105. 3
101. 7
101. 7
105. 6
104.3
103. 9
103. 7
104. 3
104. 9
106. 1
107.2
106.8
106. 5
105.5
106.5
107. 4
108. 8
58 1
103 4
101 3
115 9
113 2
114. 0
114 5
117 0
122 2
125 6
125 2
125. 5
125 4
125 4
125. 2
125 2
125. 7
126. 0
126. 0
125. 8
125 9
126 1
126 0
94. 2
95.5
108.4
108.9
125. 8
125.8
sa s
PRICES RECEIVED AND PAID BY FARMERS
In the month ended January 15, the index of prices received by farmers increased 2 percent. Both the index of prices
paid (including interest, taxes, and wage rates) and the parity ratio increased 1 percent.
INDEX, 1910-14*100
325
INDEX, ISIO-14 = IOO
325
PRICES PAID, INTEREST, TAXES,
AND WAGE RATES
300
300
875
250
250
PRICES RECEIVED
(ALL FARM PRODUCTS)
II
I I I
I I I I I
I I I
I
I I I I I
I I I I I
I I I I I
I I I I I
I I I I I
I I I
I
I I 1 I I
1 I I I I
I I I I I
I I I I I
I
I
75
75
1958
•"RATIO OF INDEX OF PRICES RECEIVED TO INDEX OF PRICES PAID, INTEREST, TAXES, AND WAGE RATES.
SOURCE: DEPARTMENT OF AGRICULTURE.
COUNCIL Of ECONOMIC ADVISERS
Prices received by farmers
Period
1939
- __ _
1948
-1949 . - --.
1951
._- -. - _ _
1952
- -1953
1954
1955
. ..
1956
1957
1956: December 15
1957: January 15
February 15
March 1 5
_ _ _
April 15 --May 15
June 15
- -July 15
- -.August 15
_
September 15
October 15
November 15
December 15
1958: January 15
-
All farm
products
.-
__
..
95
287
250
302
288
258
249
236
235
242
235
238
234
238
242
243
244
247
248
245
240
242
242
247
Crops
82
255
224
265
268
242
242
236
240
234
237
238
234
237
242
244
241
239
233
228
224
224
218
225
Prices paid by farmers
AH items,
Livestock
Family
interest,
Producand
taxes, and
living
tion
products
wage rates
items
items
(parity
index)
Index, 1910-14=100
107
123
121
120
315
260
251
250
272
251
243
238
282
336
268
273
306
287
274
271
272
279
253
270
255
281
252
274
281
236
273
249
230
285
278
249
249
296
286
258
233
290
252
283
292
238
283
255
234
294
284
256
295
238
284
258
242
296
260
285
241
296
286
259
245
296
287
257
254
295
257
287
260
295
257
287
259
296
287
258
254
296
286
258
258
298
289
260
264
299
289
263
267
301
264
289
> Percentage ratio of index of prices received by farmers to index of prices paid, interest, taxes, and wage rates.
Source: Department of Agriculture.
Parity
ratio i
77
110
100
107
100
92
89
84
82
82
81
82
80
81
82
82
82
84
84
83
81
81
81
82
25
CURRENCY, CREDIT, AND SECURITY MARKETS
3URRENCY AND DEPOSITS
he total of demand deposits and currency increased less than seasonally in December.
Time deposits continued to
se.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
240
END OF MONTH
,_„-..«•"/
TOTAL DEPOSITS AND CURRENCY
\—-1>
200
200
160,
I2O
160
'120
DEMAND DEPOSITS
ADJUSTED
TIME DEPOSITS
1\
CURRENCY OUTSIDE
BANKS ~
U.S. GOVERNMENT DEPOSITS
•TfiiTTTTTTT
rTTTTTi
I I 1 I 1111
1951
1952
195?
1954
1955
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
End of period
951
952
953
954
955
956
957 •
956: November
December
957: January
February
March-..
April
May
June.
July*
August* 5
September
October*
November 5
December *
1957
1956
[Billions of dollars]
Total excluding U. S. Government deposits J
U.S.
Total
Demand deposits and
deposits Governcurrency
Time
and
ment
deTotal
curDemand Currency
deposits ' Total deposits4 outside
rency posits *
adjusted banks
186. 0
189.9
3.9
61.5
1245
98.2
26.3
200.4
129.0
27.5
5.6
194.8
65.8
101.5
130.5
205.7
200.9
70.4
102.5
28.1
4.8
134 4
209.7
27.9
5. 1
214.8
106.6
75.3
138.2
28.3
44
216.6
78.4
221.0
109.9
.
28.3
226.4
222. 0
139.7
82.2
111.4
4.5
137.7
28.8
226.3
48
88.6
231. 1
108.9
217.2
136. 3
28.0
222.9
80.9
108.3
5.7
28.3
226.4
82.2
139.7
222.0
111.4
4.5
27.4
222.4
136.9
2.5
219.9
82.9
109.5
221.1
3.1
2i&o 83.6 134.4 107.0 27.4
27.4
217.2
132.6
105.2
221.5
846
4.3
_ _
27.4
224.3
47
134.7
219.6
849
107.3
27.9
2242
218.4
132.7
1048
85.7
5.8
2249
219.7
133.3
27. 8
5.2
105. 6
86.4
27.8
225.2
1343
42
221.0
86.7
106.6
27.8
225.0
220.0
87.1
132.9
105. 1
49
225.4
133.3
27.8
220.9
87.7
105.5
45
134.9
• 3.9
223. 0
107.2
27.8
226.9
88.1
135.7
28.5
227.0
223.3
107.2
87. 6
3.8
28.8
137.7
48
231. 1
226. 3
88.6
108.9
COUNCIl OF ECONOMIC ADVISERS
Demand deposits
and currency^
seasonally adjusted
Demand Currency
Total deposits outside
adjusted banks
134-7
1S4-4
134.1
134- B
184.7
135.0
1S4.6
136. S
1S6.0
134. 7
133.9
134. s
134-0
132.9
107.0
106.7
106.5
106.9
107.0
107. S
106.6
107. S
108.0
106.8
106. S
106.5
105.9
104.9
S7. 7
S7. 7
27.6
S7.6
S7.7
S7.7
S8.0
87. 9
S8.0
27. S
87. 7
27. 7
28. 1
S8. 0
i1 Includes U. 8. Government deposits at Federal Reserve Banks and commercial and savings bonks, and TJ. 8. Treasurer's time deposits, open account.
Includes deposits and currency held by State and local governments.
' Includes deposits In commercial banks, mutual savings banks, and Postal Savings System, but excludes interbank deposit!.
t Includes demand deposits, other than Interbank and U. 8. Government, less cash items In process of collection.
• Preliminary estimates.
NOTK.—Monthly data are for the last Wednesday in the month, except the unadjusted data for December 1956, which are for the last day of the month.
Detail will not necessarily add to totals because of rounding.
Source: Board of Oovernon of the Federal Reserve System.
JB/UMJK. JjVJAIMS, 1W VtfciTJVltWrb, AND KESEKVES
Commercial bank loans rose $1.3 billion in December 1957, compared to $800 million in December 1956. Excess
reserves exceeded borrowinss by a small amount in January.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
180 I
ISO
ALL COMMERCIAL BANKS
IEO
120
120
BANK LOANSx
60
INVESTMENT IN U.S. GOVERNMENT SECURITIES
U-
1
20
i II tI I II
1951
1952
INVESTMENT IN 01
I SECURITIES'
I I 11 I I i I I I
I I I I I I I
I I I I II
1954
1953
1955
I j I I i I t i t II
1956
1957
END OF MONTH
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
[Billions of dollars]
All commercial banks
End of period
1949
1951
1952
1953
1954
1955
1956
1957 *
.-. 1656: December
1957: January. _ _
February
March
April
May
June 4
Julv
August 4 4
September
October 4 4
November
December *
1958: January 4
Total loans
and investments
120.2
132.6
141.6
145.7
155.9
160.9
165.1
169.8
165. 1
162.8
162.5
162.9
165.1
165.1
165.6
165.4
165.9
166.3
167.9
167.3
169.8
Loanr
43.0
57.7
64.2
67.6
70.6
82.6
90.3
94.3
90.3
88.9
89.3
90. 6
91.0
91. 2
93.3
92.3
92. 8
93.4
93.0
93.0
94.3
Tolal
77.2
74.9
77.5
78.1
85.8
78.3
74.8
75.6
74.8
73.9
73.2
72.2
741
73.9
72.3
73.0
73. 1
72.9
74.9
74.3
75.6
Investments
U. 8. GovOther
ernment
securities securities
10.2
67.0
13.3
61.5
14. 1
63.3
63.4
14.7
69.0
16.8
16.7
61.6
16.3
58.6
17. 7
57.9
16.3
58 6
16.2
57.7
16.3
56.8
16.5
55.7
16.7
57.5
57.1
16.8
16. 8
55.5
16.8
56.3
56.2
16.9
17.1
55.9
17.6
57.3
17.4
56. 8
17.7
57.9
Weekly
reporting
member
banks'
Business
' loans *
13.9
21.6
23.4
23.4
22.4
26.7
31.3
32.2
31.3
30.3
30.3
31.4
31.3
31.1
32.5
31.7
32.0
32.4
31.8
31.5
32.2
30. 6
All member banke ' >
BorrowReserve balance* ings at
Federal
Required Excess Reserve
Banks
17.0
0.8
0.1
18.5
.8
.3
19.6
.7
.8
19.3
.7
.8
18.5
.8
.1
18.3
.6
.6
18.4
.6
.8
18.5
.5
.8
18.9
.7
.7
18.8
.5
.4
18.3
.5
.6
18.4
.5
.8
18.6
.5
1.0
18.4
.5
.9
18.5
.5
1.0
18.6
.5
.9
18.3
.5
1.0
18.4
.5
1.0
18.6
.5
.8
18. 4
.5
.8
18.8
.6
.7
18.7
.6
.5
1
Member banks Include, besides all national banks, those State bants that bave taken membership in the Federal Reserve System.
> Commercial, industrial, and agricultural loans; revised series beginning January 19S2 and again October 1956. Such loans by weekly reporting member banki
represent approximately 70 percent of business loans by all commercial banks.
> Data are averages of daily figures on balances and borrowings during the period
< Preliminary estimates.
NOT*.—Detail will not necessarily add to totals because of rounding.
Source: Board of Governors or the Federal Eeserve System.
27
CONSUMER CREDIT
In December, total consumer credit increased $1.3 billion, about the same as December 1956.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
50
50
TOTAL CREDIT OUTSTANDING
10
1957
1951
SOURCE: BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(Millions of dollars]
Total
consumer
End of period
credit
outstanding
J939
1948
1949
1951
1952.
1953.
1954
1955
._
1956
1957
1956: October ..
November.
December.
1957: January..
February.
March
April . _ _
jVTay
June
Julv
August —
September.
October..
November.
December.
7,222
14, 398
17, 305
22, 617
27, 401
S I , 243
32. 292
38, 670
42, 097
44, 798
40, 332
40, 831
42, 097
41, 138
40, 738
40, 735
41, 247
41, 937
42, 491
42, 592
43, 133
43, 270
43, 274
43, 530
44,798
Noninstalment credit
outstanding
Instalment credit outstanding
Total
4, 503
8,996
11,590
15, 294
19, 403
23, 005
23, 568
28, 958
31,827
34, 127
30, 985
31, 240
31, 827
31, 568
31, 488
31, 524
31, 786
32, 158
32, 608
32, 968
33, 303
33, 415
33, 504
33, 596
34, 127
Automobile
paper >
1,497
3,018
4,555
5,972
7,733
9,835
9,809
13, 472
14, 459
15, 496
14, 498
14, 469
14, 459
14, 410
14, 432
14, 528
14, 691
14, 883
15, 127
15, 329
15, 490
15, 556
15, 579
15, 542
15, 496
Other Repair and
consumer moderni- Personal
zation
loans
goods
paper »
loans '
1,620
2.901
3,706
4,880
6,174
6,779
6,751
7,634
8,510
8, 709
7,872
8,066
8,510
8,305
8,160
8,043
8, 017
8,081
8,165
8,189
8, 229
8,228
8, 236
8, 300
8,709
298
853
898
1,085
1,385
1,610
1,616
1,689
1, 895
1, 984
1,865
1,890
1,895
1,872
1,859
1,856
1,862
1,886
1,905
1,921
1,954
1,969
1,988
1,996
1,984
1,088
2,224
2,431
3,357
4,111
4,781
5,392
6, 163
6,963
7,938
6,750
6, 815
6,963
6,981
7,037
7,097
7,216
7,308
7,411
7,529
7,630
7,662
7,701
7,758
7, 938
Total
2,719
5,402
5,715
7,323
7,998
8,238
8,724
9,712
10, 270
10, 671
9,347
9,591
10, 270
9,570
9,250
9,211
9,461
9,779
9,883
9, 624
9, 830
9,855
9,770
9,934
10, 671
Charge
accounts
1,414
2,673
2,795
3,605
4,011
4,124
4,308
4, 579
4,735
4,760
3,920
4,072
4,735
4,111
3,690
3,534
3,735
3,834
3,948
3,810
3,957
3,942
3,991
4,135
4, 760
Instal- Instalment
ment
credit ex- credit
tended * repaid *
6,872
15, 585
18, 108
23, 576
29, 514
31, 558
31, 051
39, 039
40, 063
42, 433
3,451
3,449
3,824
3,090
2,976
3,347
3, 594
3,748
3,674
3,837
3,704
3,388
3,545
3,439
4, 091
6,060
13, 284
15, 514
22, 985
25, 405
27, 956
30, 488
33, 649
37, 194
40, 133
3,307
3,194
3,237
3,349
3,056
3,311
3,332
3,376
3,224
3,477
3,369
3,276
3,456
3,347
3, 560
' Includes all consumer credit extended for the purpose of purchasing automobiles and other consumer goods and secured by the Items purchased.
no ' iDcludesronly.sueh loans held byfinancialinstitutions; those held by retail outlets are Included In "other consumer goods paper."
^O » Credlt.ertended or repaid during the period.
Source: Board ot Governors ol the Federal Beserce Sy»t*m.
BOND YIELDS AND INTEREST RATES
The Treasury bill raie dropped sharply in early February, after declining gradually in January.
showed some firmness in early February following decreases in January.
PERCENT PER A N N U M
PERCENT PER ANNUM
1957
1952
SOURCES: SEE TABLE BELOW
Period
1958
COUNCIL Of ECONOMIC ADVISERS
[Percent per annum]
U. S. Government
High-grade
security yields
municipal
bonds
Si-month
Taxable
a
(Standard3&
Treasury
bonds
bills »
Poor's)
1. 552
2. 57
2.00
2. 19
2. 68
1.766
2.72
2.94
1.931
2.37
.953
2.55
' 2. 84
2.53
1.753
2.93
3.08
2.658
3.60
3.47
3.267
3.22
3.26
3. 165
3.32
3.26
3. 140
3.32
3.33
3. 113
3.52
3.042
3.40
3.75
3.316
3.58
3. 60
3. 75
3.165
3.91
3.404
3.63
ago
3.66
3.578
3.79
3. 73
3.591
3.57
3.76
3.337
3.47
3.30
3. 102
3.24
3.31
2.598
1951
1952
1953
1954
1955
1956
1957
_.
1957: February
.
March
April
May
June
July .
August
September
October
November
December _
1958: January
Week ended:
1958: January 11
2.858
18
2.591
2.587
25
2.202
February 1
1. 583
8_._
4
1.730
15
i Rate on new issues within period.
caua^atfrls^ A^lSSSSSSW^^^l^^S
vears: Anril 1953 to date, bonds due or callable 10 veare and after.
Long-term rates
Corporate bonds
(Moody's)
Aaa
2. 86
2. 96
3.20
2. 90
3.06
3.36
3.89
3.67
3. 66
3.67
3.74
3.91
3.99
4. 10
4. 12
4. 10
4.08
3.81
3.60
Prime
commercial
paper,
Baa
4-6 months
3.41
2. 16
3. 52
2.33
3. 74
2. 52
3. 51
1. 58
3. 53
2. 18
3.31
3.88
4.71
3.81
4. 47
3. 63
4, 43
3. 63
4. 44
3. 63
4.52
3. 63
4.63
3. 79
4. 73
3.88
4. 82
3. 98
4. 93
4. 00
4. 10
4. 99
5.09
4.07
5.03
3.81
4.83
3.49
4. 92
3. 68
3.41
3.65
3.20
4.84
3. 55
3.21
3.33
3.61
4. 77
3.40
3.57
3.26
3.27
4.
72
3.25
3.26
3.56
3.29
4. 68
2.83
3.34
3.59
3.31
3.59
4.66
2.63
3.36
3.27
« Not charted.
• Weekly data are Wednesday figures.
'*<™ Treasury Department and Board of Governors of the Federal Reserve
System (except as noted).
29
STOCK PRICES
Stock prices were higher in January than in December.
INDEX, 1939 = 100
BOO
I N D E X , 1939 = IOO
500
4OO
3OO
300
1952
1958
SOURCE: SECURITIES AND EXCHANGE COMMISSION
Period
Weekly average:
1948
1949
1951
1952
1953
1954
1955
1956
.__
1957
1957: February
March
April
„
May
June
_ . _
July
August
__
September
October - - _
November
_ __
December
1958: January
Week ended:
1958: January 10
17
24 .
31
February 7 2 _.
14
30
Composite
index '
COUNCtt OF ECONOMIC ADVISERS
[1939=100]
Manufacturing
Trade,
TransDurable Nondura- portation Utilities finance. Mining
Total
andservice
ble goods
goods
132.7
127.7
184.9
195.0
193. 3
229. 8
304.6
345.0
331.4
325. 1
328.5
338.6
352.2
354.6
361.8
343.2
327.9
306.4
301.8
298. 5
304.7
136.8
132. 1
206.8
220.2
220. 1
271.3
374.4
438.6
422. 1
409. 4
414.6
430.6
450.4
456.6
468.0
441.2
419. 1
388.2
381.9
376.1
381.6
1243
116.0
17a 5
188.8
192.6
245.2
352.4
409.8
391. 2
386. 1
387.8
404.0
41&7
421.2
433.8
408. 1
385.8
356.9
350. I
335. 6
346.6
148.6
147.2
233.1
249.3
245.2
295.2
394.4
465. 1
450.7
431. 1
439.5
455.3
479.5
489.3
499.6
471.6
449.7
417.0
411. 1
413.2
413.6
168.1
186.0
199.0
220.6
218.7
232.6
320.0
327.1
275.4
292.0
287.6
291.2
296.9
292.8
302.3
285.5
263.3
240.9
227. 8
214.7
230.2
89.3
98. 1
112.6
117.9
121.5
185.8
152.9
155.8
156.0
157.3
158.6
160.0
162. 8
159.5
158.4
155.2
152.6
148.8
149.3
152.3
157.8
156.9
160.7
207.9
206.0
207.1
235.6
296.9
306.3
277.5
27&0
280.3
280. 7
286.1
283.4
290.8
281.6
277.2
266.5
262. 0
257.9
269.7
133.0
129.4
204.9
275.7
240.5
267.0
312.9
357.5
342. 4
345.8
343.9
352. 4
379 8
389.7
382.5
353.9
334.5
296. 9
284. 2
274.5
272. 1
299.0
304.9
308.7
308.4
308. 1
305. 5
374.5
381.3
386.2
385.6
384. 6
380.5
340.3
346.6
350.5
350. 1
350.5
348.0
405.8
413. 1
419. 0
418.0
415.8
410. 4
219.7
234. 9
234. 1
237.5
235.7
233.7
155.7
158.0
160. 2
159.7
160.4
160.4
264.0
270.5
274. 3
276.4
279.2
277.3
262,8
273.2
276.2
277.8
273.9
269.2
i Includes 265 common stocks: 98 for durable goods manufacturing, 72 Tor nondurable goods manufacturing. 21 fo> transportation, 29 for utilities, 31
lor trade, finance, and service, and 14 for mining. Indexes are lor weekly closing prices.
' Not charted.
Source: Securities and Exchange Commission.
FEDERAL FINANCE
BUDGET RECEIPTS AND EXPENDITURES
The cumulative budget deficit for the first 6 months of the current fiscal year was $6.7 billion, compared to $5.7 billion
for the same period of fiscal year 1957. Tax collections are seasonally low during the first half of the fiscal year.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
NET BUDGET EXPENDITURES
NET BUDGET RECEIPTS
FIRST_6 MONTHS
FIRST 6 MONTHS
75
*
50
1953
75
1954
1955
1956
1957
1958
1953
1954
1955
1956
BUDGET SURPLUS (+) OR DEFICIT (-)
MAJOR NATIONAL SECURITY
EXPENDITURES
(ENLARGED SCALE)
f5
FIRSTS MONTHS :
SO
Z 5
-5
FIRST 6 MONTHS
1953
1955
1957
Period
1958
1953
1954
1956
1957
1958
FISCAL YEARS
# ESTIMATED
SOURCES: TREASURY DEPARTMENT AND BUREAU Of THE BUDGET.
COUNCIL OF ECONOMIC ADVISERS
Net
budget
receipts
[Billions of dollars]
Net budget expenditures
Budget
Major national security 1
(+)
Total
Total
Department surplus
or
Total including excluding of Defense
deficit (— )
defense
defense
military
support
support
functions
-51.4
95. 1
76.8
76.1
76.8
44 0
65. 4
46.0
38.9
-40
743
-9.4
50.4
43.6
51. 8
67.8
47.9
46.9
31
40.3
646
-42
42.1
40.6
35.5
66.5
+ 1.6
41.8
40.6
35.8
69.4
44 4
43.3
+ 1.6
38.4
4
72.8
449
42.7
38.9
5
73.9
45.8
43.6
39.8
5.7
3.6
3.3
3.6
3
6. 1
-1.3
3.8
3.3
(33)
5.7
+.4
3.6
3.2
(3)
5.6
+5.2
3.7
3.2
()
6.0
3.9
3.5
— 1.7
«
5.9
3.8
-.7
3.3
(33)
6.3
+ 5.4
3.9
3.2
()
Public
debt
(end of3
period)
Fiscal year 1944
.
Fiscal year 1952
Fiscal year 1953
Fiscal year 1954_
Fiscal year 1955
Fiscal year 1956
Fiscal year 1957
Fiscal year 1958 (estimated)
Fiscal year 1!)59 (estimated)
1956: December.
1957: January
February
March
_.
April
_
May
June
__. .
43.6
61.4
648
647
60.4
68.2
71.0
72.4
74 4
5.4
48
6.2
10.7
43
5.3
11.7
July 4
._
August *
September*
October*
November 4*
December . .
Cumulative totals for first 6 months:
Fiscal year 19574
_
Fiscal year 1958
3.1
5. 1
7.2
3. 1
4.8
6.0
6.3
5.9
5.7
6.5
5.8
5.8
(33)
()
(33)
()
3.5
3.8
3.6
3.9
3.4
3.6
3.5
3.7
3.2
3.5
3.0
3.2
3.1
3.3
-3.3
g
+ 1.6
-3.4
-1.0
+.1
272.6
2740
2745
274 2
2749
275.0
28. 1
29.3
33.8
36. 1
21. 1
22. 2
20. 6
21. 7
18.5
19.4
-5.7
-6.7
276.7
275.0
±:
202.6
259.2
266. 1
271.3
2744
272.8
270.6
271.3
271.3
276.7
276.3
276.4
275.1
2741
275.3
270.6
* Definition revised in 1958 Federal Budget Midyear Review, October 1957, to include the defense support portion of the mutual security program. Other items
included are: military functions of Department of Defense, military assistance portion of the mutual security program, development and control of atomic energy,
stockpiling, and defense production expansion.
i Includes guaranteed securities, except those held by the Treasury. Not all of total shown Is subject to statutory debt limitation.
> Not available.
< Preliminary.
N<n».—Detail will not necessarily add to total* because of
rounding
Bourcei: Treasury Department and Bureau o! the Budget.
31
I&SH RECEIPTS FROM AND
'AYMENTS TO THE PUBLIC
sderal cash receipts exceeded cash payments by $1.2 billion in calendar year 1957 compared with $5.5 billion in
ie prior year. In the fourth quarter there was a cash deficit of $4.4 billion, due primarily to seasonally low tax
.•ceipts.
BILLIONS OF DOLLARS
BILLIONS Of DOLLARS
80
EXCESS OF CASH RECEIPTS
(ENLARGED SCALE)
EXCESS OF CASH PAYMENTS
1951
1952
1953
•^PRELIMINARY ESTIMATES.
SOURCES: BUREAU OF THE BUDGET AND TREASURY DEPARTMENT.
1954
1955
1956
1957J
-15
1958
CALENDAR YEARS
COUNCIl OF ECONOMIC ADV1SE8S
[Millionc of dollars]
Cash receipts
from the
public
Period
Fiscal year total:
1955
1956
1957
1958 (estimated)
1959 (estimated)
Calendar year total:
1954
_
1955
1956
__
19571
-_ _
-
__
:
Cash payments to
the public
Excess of receipts (+) or
payments (— )
67, 836
77, 088
82, 106
85, 113
87, 286
70, 538
72, fil7
80, 007
84, 938
86, 662
—2, 702
+4, 471
+2, 099
+175
+ 624
68, 589
71, 448
SO, 330
84, 503
69, 661
72, 188
74807
83, 308
1,072
—740
+5. 524
+ 1, 193
17, 139
15, 604
18, 280
20, 338
— 1, 140
—4, 834
24, 617
24, 846
18, 653
16. 387
19, 814
21, 574
21, 099
20, 821
+4. 802
+3, 273
- 2, 447
-4,435
Quarterly total, not adjunted for seasonal variation:
1966: Third quarter
Fourth quarter
1957: First quarter _
Second quarter ._
Third quarter *
Fourth Quarter '
__
__
' Preliminary.
NOTE.—Detail will not necessarily add to totals because of rounding.
Source's: Bureau ol the Budget and Treasury Department.
32
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